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The increasing demand for memory care services in the US is expected to significantly impact the healthcare and senior living sectors over the next five years due to demographic trends, notably the aging of the baby boomer population. The Alzheimers Association has estimated that in 2023, over 6.7 million Americans were living with Alzheimer’s disease, with this figure expected to rise to 13 million by 2050: the need for memory care provision is not going away anytime soon.
The advancements in cognitive disorder drug treatments, notably medications such as lecanemab, and upcoming treatments like donanemab, are poised to significantly impact the memory care sector. While these drugs mark a major step forward in potentially slowing disease progression, they bring both opportunities and challenges for the industry.
Firstly, whilst the advancement of drug treatments, and their approval by the FDA, is a real cause for celebration for those impacted by the devastating effects of conditions such as dementia, and Alzheimers, these new treatments will require highly specialized care, along with the need to monitor those administered treatment. As a result, the clinical workforce will need to have appropriate training within memory care settings, with potentially more involvement from specialists (such as neurologists) to management treatment. It is well recorded that memory care facilities are stretched thinly, so the additional strain of these new resources – particularly given shortages of skilled staff – could present further challenges.
Secondly, whilst the drugs support the slowing of cognitive decline, they are not curative. This means that recipients of drugs such as lecanemab, and donanemab are still likely to require memory care support in their later years, rather than not requiring any assistance at all: it is simply delaying the need temporarily. The consequence of this is that it would be fair to anticipate a greater clinical need from patients arriving with late stage symptoms associated with neurological cognitive degeneration, and resultingly the staff skill set is likely to adapt to meet this demand.
Lastly, the associated economic impact to consumers of memory care treatments will rise, which will increasing the accessibility divide. Recent costs have been estimated to be in the region of $25,000 for the use of the drugs, which presents challenges and potential barriers to healthcare systems and patients – increasing the disparities in access to care.
In summary, the wider anticipated demand, and the growing advancement of treatment for several neurological cognitive degenerating diseases associated with the memory care sector, is a cause for optimism; but challenges to the workforce, patient accessibility, and patient dynamics will all need addressing to ensure improvements benefit all consumers.
